Disclaimer.

A verdict is an opinion on a record

Each file is the desk's reading of a listing and of what the public record says about it, at the time of publication. The verdict - proceed, proceed with conditions, do not offer - is our opinion on that record. It is not a valuation, not a recommendation and not an offer to transact.

The figures

• The seller's figures - asking price, revenue, stated earnings and its basis - come from the listing and are reproduced as stated and labelled as the seller's. We have not audited them.
• Our estimates - the normalized view, what is left after a manager, the owner's hours, the buyer's cheque, the debt cover - are computed from the listing, public sources and published wage data. They are labelled as ours and published as ranges; the band marks the conservative end and never collapses to its best case.
• Comparables are asking prices of similar listings, never completed transaction values.

Identity and liveness

Where a file names a business, the name is our resolution from independent signals, with a confidence figure, and not the broker's disclosure. It may be wrong. A listing may have sold, been withdrawn or changed since we read it; where we show a liveness check it is dated, and absence of a check means not verified.

Your diligence

Nothing here replaces your own due diligence, a review of the filed accounts and tax returns, legal advice and a conversation with the seller. The questions we list for the broker are a starting point, not a complete list.

No stake

We have no stake in whether any deal closes. We take no fee from a seller, a broker or a buyer, we hold no position in any business we write about and we are paid by readers only.

Corrections

If something we published is wrong, tell the desk: desk@underwrittenlistings.com. We correct the file and say so.